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商业银行债等，保证投资组合的流动性。","lastUpdated":"2026-04-21T19:52:17.608Z","fund":{"_id":3000000006264,"__csrcFundId":5545,"stockCode":"006264","shortName":"平安惠轩纯债(006264)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6264,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:05:46.924Z","status":"normal","inceptionDate":"2018-09-05T16:00:00.000Z","name":"平安惠轩纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠轩纯债","pinyin":"pahxczzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"},{"stockCode":"8801594770","stockType":"fund_manager","exchange":"fm","tickerId":80202184460,"name":"黄斌斌"}]},"announcement":{"linkText":"平安惠轩纯债债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c619e75315f995c600a6cd","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000006264,"sao":"在2023和2024年的债券大牛市后，债市在2025年迎来了年度级别的调整，全年利率债收益率震荡走高，且做多窗口较为有限。年初央行宣布暂停国债买入，资金面超预期持续大幅收紧，短端收益率大幅上行，超长端表现略优于短端，利差曲线走平。3月两会后，央行关于货币政策的表述推动市场修正预期，10年期国债收益率升至1.90%的高位。此后，中美关税升级，央行降准降息兑现，资金面整体环比改善，10年期国债收益率下行至1.63%-1.67%区间震荡。三季度“反内卷”政策推升通胀预期，权益走强压制债市，中美贸易摩擦缓和，叠加基金销售费用新规与债基赎回，债市收益率整体上行，短端收益率受益于流动性合理充裕较为平稳，债市呈现“熊陡”格局。四季度权益市场继续维持强势，央行重启国债买卖但规模低于市场预期，12月两场重要会议落地，投资者对明年财政和货币政策都偏向稳健、谨慎，以银行和保险为主的传统债市配置盘力量并未明显增强，债市收益率高位震荡。全年来看，2025年1年期、10年期国债、30年期国债分别变动了25BP、17BP、36BP；信用利差方面，多数品种利差被动收窄，3年AAA、3年AA+、3年AA和3年AA-分别收窄了4BP、12BP、11BP和61BP。　　　　本基金在符合基金合同约定的投资范围和投资限制基础上，主要配置中短期限的高等级信用债和利率债，并根据市场情况灵活调整组合的杠杆和久期，致力于获取稳健的投资收益。","lastUpdated":"2026-03-27T05:47:19.098Z","mo":"进入2026年，债市处于低利率环境的现状仍然没有改变，长债利率对基本面指标的反应可能仍相对钝化。央行大概率继续维持“适度宽松”的货币政策基调，但在降准降息上态度偏谨慎，通过综合运用MLF、买断式逆回购及国债买卖等工具灵活补充流动性。通胀更有可能是一个中期逻辑，基数效应叠加反内卷支撑，供给侧与需求侧发力，通胀有望延续改善趋势，但当下物价还不是构成债市压力的核心因素。经济与通胀将以温和渐进的方式恢复，名义利率将维持低位，债券收益率中枢下行空间有限但大幅上行风险可控。若央行宽货币操作落地，债市可能会演绎利好出尽走势。在流动性充裕的政策基调下，票息资产更优。中短久期高等级信用债和长久期利率债的哑铃组合仍然占优。","fund":{"_id":3000000006264,"__csrcFundId":5545,"stockCode":"006264","shortName":"平安惠轩纯债(006264)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6264,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:05:46.924Z","status":"normal","inceptionDate":"2018-09-05T16:00:00.000Z","name":"平安惠轩纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠轩纯债","pinyin":"pahxczzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"},{"stockCode":"8801594770","stockType":"fund_manager","exchange":"fm","tickerId":80202184460,"name":"黄斌斌"}]},"announcement":{"linkText":"平安惠轩纯债债券型证券投资基金 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松态势，收益率逐步下行至历史较低水平。2022年11-12月，在疫情管控政策优化的情况下，市场预期发生较大变化，叠加银行理财赎回负反馈，收益率出现明显上行。　　本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息等方式增厚组合收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:15.920Z","mo":"2023年利率债市场可能总体呈震荡格局，信用债市场表现可能会好一些。基本面而言，经济增速大概率企稳回升。一方面疫情防控政策明显调整，另一方面稳增长政策逐步推进，带动市场情绪回暖。但是由于今年海外经济体增速放缓，国内房地产政策和隐形债务管理放松的力度不会太大，经济修复的过程可能仍有波折。货币政策而言，目前市场资金利率已基本回归政策利率，考虑到全年通胀压力不大，货币政策进一步收紧的可能性不大。最后，市场利率水平已一定程度反应了经济正常修复的预期。因此，我们预计今年利率债市场可能呈现偏震荡的格局，收益率全年趋势性上行或下行的可能均偏低，年内或为波段运行态势。同时由于货币政策预期稳定，信用债经过2022年的调整，信用利差偏高，静态收益也回到较高水平，我们预计信用债市场表现大概率较为良好。","fund":{"_id":3000000006264,"__csrcFundId":5545,"stockCode":"006264","shortName":"平安惠轩纯债(006264)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6264,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:05:46.924Z","status":"normal","inceptionDate":"2018-09-05T16:00:00.000Z","name":"平安惠轩纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠轩纯债","pinyin":"pahxczzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"},{"stockCode":"8801594770","stockType":"fund_manager","exchange":"fm","tickerId":80202184460,"name":"黄斌斌"}]},"announcement":{"linkText":"平安惠轩纯债债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864060","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9877fea5b3eb0493484","date":"2022-09-29T16:00:00.000Z","stockId":3000000006264,"sao":"三季度债市表现良好，收益率总体下行。前两个月资金利率较低，公开市场操作利率下调进一步提升了债市的做多热情，收益率明显下行。9月MLF缩量操作后，资金出现一定程度的收紧，稳增长政策出台的预期增强，叠加海外央行鹰派加息加大市场对汇率的担心，市场震荡调整。  三季度本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。由于三季度行情较好，本基金在三季度使用中长期利率债进行波段操作，资本利得方面对组合形成一定贡献。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:15.917Z","fund":{"_id":3000000006264,"__csrcFundId":5545,"stockCode":"006264","shortName":"平安惠轩纯债(006264)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6264,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:05:46.924Z","status":"normal","inceptionDate":"2018-09-05T16:00:00.000Z","name":"平安惠轩纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠轩纯债","pinyin":"pahxczzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"},{"stockCode":"8801594770","stockType":"fund_manager","exchange":"fm","tickerId":80202184460,"name":"黄斌斌"}]},"announcement":{"linkText":"平安惠轩纯债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803184","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9877fea5b3eb0493483","date":"2022-06-29T16:00:00.000Z","stockId":3000000006264,"sao":"今年上半年债市收益率走势较为分化，信用债收益率整体震荡下行，表现好于利率债。上半年宏观政策着力点在稳增长，货币政策以保持流动性合理充裕为出发点，货币市场资金充裕，价格平稳，对债券市场利率的缓慢下行奠定了较好的基础。财政政策也非常积极，基建投资成为稳投资的重要抓手。但是由于上半年疫情反复和地产投资修复缓慢等原因，经济的修复一波三折，整体较为缓慢，利率债也随之走出了区间震荡的行情。报告期内本组合积极采取杠杆策略，以投资高等级信用债和利率债为主，同时积极参与利率债的波段交易机会，赚取了票息和资本利得收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:15.914Z","mo":"展望下半年，经济基本面会逐步改善，方向上对于债市略偏不利。但是由于目前看稳增长的政策力度不会强刺激，叠加地产周期下滑，因此经济修复的速度和力度可能相对柔和。货币政策在此环境下应该会继续保持之前的态度，流动性总量略偏松的时间会较过去几轮周期长一些。","fund":{"_id":3000000006264,"__csrcFundId":5545,"stockCode":"006264","shortName":"平安惠轩纯债(006264)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6264,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:05:46.924Z","status":"normal","inceptionDate":"2018-09-05T16:00:00.000Z","name":"平安惠轩纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠轩纯债","pinyin":"pahxczzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"},{"stockCode":"8801594770","stockType":"fund_manager","exchange":"fm","tickerId":80202184460,"name":"黄斌斌"}]},"announcement":{"linkText":"平安惠轩纯债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779042","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9877fea5b3eb0493482","date":"2022-03-30T16:00:00.000Z","stockId":3000000006264,"sao":"报告期内资金利率在央行以稳为主，保持流动性合理充裕的政策基调下整体保持平稳，资金利率中枢也保持在较低水平。同时2022年一季度宏观经济表现呈现出前高后低状态，尤其进入3月份由于全国部分地区疫情爆发，对于正处于恢复中的经济造成了一定的负面影响。因此，一季度债券市场整体处于宽幅震荡行情，报告期内本组合积极采取杠杆策略，以投资高等级信用债和利率债为主，同时积极参与利率债的波段交易机会，赚取了票息和资本利得收益。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:15.912Z","fund":{"_id":3000000006264,"__csrcFundId":5545,"stockCode":"006264","shortName":"平安惠轩纯债(006264)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6264,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:05:46.924Z","status":"normal","inceptionDate":"2018-09-05T16:00:00.000Z","name":"平安惠轩纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050640000,"currency":"CNY","masterFundSh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